Business
Today, Karen Camblin from Guild Mortgage rejoins Shanna Tingom for part 2 of their conversation about the real estate market.In this episode, we are looking at the effects of the pandemic on the mortgage process. Most notably, it has become much more difficult for small business owners to qualify for mortgages. Because so many businesses failed during COVID-19, many banks are now requiring Profit and Loss (P&L) statements from business before approving mortgages.We also explore the world of "Jumbo," loans above $548,250. With the explosion of the real estate market, these types of loans have become much more relevant. There are strategies around having to apply for these loans, with their even more stringent requirements. We explore those.Karen also explains that Guild services their own mortgages, and why that can be advantageous to borrowers.Finally, we discuss why it's important for your lender, CPA, financial advisor, and more to act cohesively as a team.More:Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.htmlCall Karen at 480-390-1732Email Karen at kcamblin@guildmortgage.netHeritage Financial Strategies Website: https://www.heritagefinancialaz.com/Call Shanna at: 480-397-1184Email Shanna at Shanna@heritagefinancialaz.com